New Delhi, Mar 14 (KNN) As India and the United Arab Emirates (UAE) deepen their trade ties, recent reports underscore the potential for intensified collaboration in the renewable energy sector between the two nations.

The report titled "Modern Energy: India-UAE Collaboration for a Sustainable Future," jointly produced by the UAE-India Business Council (UIBC) and Nangia Andersen, emphasises the robust policy frameworks implemented by both countries to invigorate the renewable energy sector.

Initiatives like India's National Solar Mission and the Green Energy Corridor project demonstrate the government's commitment to fostering renewable energy adoption. Similarly, the UAE's Energy Strategy 2050 aims to elevate clean energy's contribution to its overall energy mix.

Furthermore, the report highlights avenues for future collaboration, including expanding solar and wind power capabilities, deploying advanced energy storage technologies, innovating grid solutions, and enhancing energy efficiency measures.

Bilateral cooperation is also recommended in hybrid renewable energy systems, exploring ocean and geothermal energy, and upskilling the workforce.

The report underscores that by scaling up capacities, embracing innovative technologies, and exploring new frontiers, India and the UAE can redefine the global energy landscape and inspire other nations towards a cleaner and more sustainable future.

The report stated, “By focusing on scaling up capacities, embracing innovative technologies, and exploring new frontiers, India and the UAE have the opportunity to redefine the global energy landscape and inspire other nations to join the journey towards a cleaner and more sustainable future.”

Recognising the pivotal role of renewable energy in the energy transition, the report notes a projected growth in cumulative renewable capacity from 9.24 per cent to 15.06 per cent Compound Annual Growth Rate (CAGR) between 2022 and 2028.

In recent years, India and Gulf Cooperation Council (GCC) nations have strengthened their collaboration in renewable energy. The UAE's commitment to allocate USD 75 billion in sovereign funds to India in October 2021 and joint efforts to commence solar power equipment production are notable examples.

(KNN Bureau)